‘U.S. Foundations Control $20,500m’
(N.Z.P. A.-Reuter—Copyright) NEW YORK, June 9. United States foundations control $20,500m (about SNZIB,3OOm) and give away slsoom a year, “Fortune” magazine reported yesterday. About two-thirds of all foundations—there are more than 22,000 now in existence —are very small with assets of less than $200,000 or annual grants amounting to less than $lO,OOO, “Fortune” said in its June issue. Most of the foundations are family operations run by the donor, his children or the family lawyer. “Fortune” said foundations had developed into a powerful force for social change and human betterment but
that their “financial practices undoubtedly need some reforming.” However “their basic philanthropic operations should neither be curtailed nor hampered, lest a valuable American institution be crippled,” the magazine said. The five richest foundations listed by “Fortune” were Ford, Rockefeller, Duke Endowment, Lilly Endowment and Pew Memorial Trust.
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Press, Volume CIX, Issue 32011, 11 June 1969, Page 6
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142‘U.S. Foundations Control $20,500m’ Press, Volume CIX, Issue 32011, 11 June 1969, Page 6
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